SIMONS, Circuit Judge.
For each of the taxable years 1928 to 1938, the petitioning taxpayer had deducted in its income tax returns, without objection by the respondent, depreciation on buildings and equipment leased to another company, at rates ostensibly based upon their useful life. For 1939 and 1940 the Commissioner asserted deficiencies on the sole ground that the buildings and equipment, having been leased for a term of 75 years, the depreciation should be spread...
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